Newly listed ACME Pesticides Ltd will make its share trading debut on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on November 14 (Sunday) under ‘N’ category, officials said.
ACME Pesticides, which received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) on July 19, raised Tk 300 million from the capital market under the fixed price method.
The company offloaded 30 million ordinary shares at an offer price of Tk 10 each. Its initial public offering (IPO) subscription was held between October 12 and October 18.
The investors applied for 20.22 times higher applications than the IPO shares offered by the company, according to a DSE statement.
Each general investor got 40 IPO shares of ACME Pesticides while non-resident Bangladeshi received 63 shares each against the application of Tk 10,000.
The company will utilise the IPO proceeds for the purpose for factory building and other construction (Tk 101.50 million), acquisition of new plant & machinery (Tk 105 million), electrical installation (Tk 20 million), bank loan repayment (Tk 55 million) and IPO expenses (Tk 18.50 million).
As per the financial statement for the year ended on September 30, 2020, the company’s earnings per share (EPS) was Tk 0.48 while its net asset value (without revaluation) is Tk 16.84 per share.
The company’s post-IPO paid-up capital is Tk 1.35 billion while authorised capital is Tk 1.50 billion while the total number of shares is 135 million.
Shahjalal Equity Management is the issue manager of the company.
ACME Pesticides is engaged in manufacturing and marketing of Agro products in the categories of fertilizer, insecticides, pesticides and certified seeds, household toiletries and other consumer products.